Aramid Fiber Market Size, Share, Opportunities, And Trends By Type (Para-Aramid, Meta-Aramid), By End-User (Aerospace And Defense, Automotive, Electronics And Telecommunication, Safety And Protection, Others), And By Geography - Forecasts From 2024 To 2029

The global aramid fiber market is expected to grow at a CAGR of 4.91% over the forecast period, reaching a total market size of US$5.755 billion by 2029, up from US$4.114 billion in 2022.

Aramid fiber is a type of strong synthetic fiber that is majorly used in ballistic-rated body armor fabric and composites. The growing acceptance of aramid in the aerospace industry is one of the primary factors affecting market growth during the forecast period. With the increasing fuel prices, the aviation industry is under pressure to upgrade its performance by adopting lightweight technology, which provides a key solution for various industries and promotes fuel efficiency. However, high research and development costs, coupled with the complexity of the production process of aramid fiber, are expected to restrain the market's growth in the coming years.

GLOBAL ARAMID FIBER MARKET DRIVERS:

• The growing need for strong, lightweight materials in industries like aerospace and automotive is driving the worldwide aramid fiber market. Aramid fibers are essential for improving performance and durability in various applications because of their remarkable strength-to-weight ratio. Additionally, the market is growing due to the growing demand for protective gear in the industrial safety and firefighting sectors. Aramid fibers are essential to producing personal protective equipment (PPE) because they provide unparalleled protection against risks, including heat, punctures, and cuts. Their reduced environmental effect and capacity to be recycled further support sustainability objectives, which increase consumer demand. Apart from this, the range of applications for aramid fibers has increased due to ongoing technological improvements in cost-effectiveness and performance attributes.
• Product innovation drives growth in the aramid fiber market by expanding applications through new formulations and hybrid materials, improving fiber properties such as strength and durability, lowering production costs, promoting sustainability through eco-friendly practices, and providing tailored solutions to diverse end-user needs. For instance, DuPont De offers aramid fiber, Kevlar®. The Aramid fiber offered by DuPont De is extremely strong, lightweight, and durable and can provide the user with a perfect balance for function. It also allows the user to redefine performance. The company claims that Kelvar® can be used for automotive, aerospace, and consumer products.

Besides, Twaron® is a product offered by Teijin Limited, a technology-driven global group offering many innovative solutions. Twaron® is strong, light, and more resistant. It can deliver a huge range of performance improvements with an exceptionally wide range of high-performance applications.

GLOBAL ARAMID FIBER MARKET SEGMENT ANALYSIS:

• By end-user, the aerospace and defense industry is anticipated to be one of the fastest-growing segments in the market.

The requirement for lightweight, high-strength, flame-resistant materials in aviation and defense equipment is driving the use of aramid fibers. These fibers possess unique qualities that are critical to assuring the safety and performance of these applications. In line with this, India's defense budget for 2023 was $72 billion, with $20 billion set aside to acquire domestically built weapons and military equipment to enhance the country's indigenous arms sector. India saw a 15% growth in overall defense manufacturing, from $11.8 billion in 2021 to $13.6 billion in 2022.

Protective clothing is prominent equipment for protecting the first line of defense, and the increasing investment in aerospace and defense globally is anticipated to propel the market growth opportunities in the coming years. As governments worldwide modernize their military platforms and systems and chase advanced technologies and capabilities, the projected spending on military aircraft, satellites, and spacecraft, among other products, is expected to increase, driving the aramid fiber market’s growth. For instance, according to the World Bank, military expenditure in the United States in 2022 was 3.5% of the GDP.

North America’s aramid fiber market is anticipated to grow significantly.

By geography, the global aramid fiber market has been segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific (APAC) regions. North America is projected to grow at a healthy rate throughout the forecast period. This growth is accredited to the early adoption of technology and the presence of big market players.

The aramid fiber market in the Asia Pacific region is anticipated to grow exponentially due to the expanding automotive and aerospace industries in developing countries like China and India. For instance, automotive production in India has increased by 30%, from 3,394,446 thousand units in 2020 to 4,399,112 in 2021.

Nonetheless, the European aramid fiber market will witness considerable growth during the anticipated period owing to the region's rising manufacturing and automotive industry. Besides, the region is home to major aerospace players, and the favorable government initiative towards adopting lightweight and advanced materials is further expected to boost the market.

Global Aramid Fiber Market Key Developments:

• In September 2023, at the China International Optoelectronic Exposition (CIOE2023), Sinochem International debuted and displayed its full range of para-aramid products. These creative solutions serve as non-metallic reinforcing materials for optical-fiber cable applications and are specifically designed to suit the demands of the optical communication sector.
• In April 2023, Kevlar® EXOTM aramid fiber, the most important advancement in aramid fiber in over 50 years, and a new technological platform from DuPont was presented. It is intended to serve many applications where protection and performance are needed for extreme and demanding circumstances.
• In September 2022, a significant step towards creating stronger, lighter fiber-reinforced composites was made by Mussel Polymers, Inc., a specialized materials and coatings firm. It has successfully coated carbon and aramid fibers with its Poly(catechol-styrene) (PCS).

The global aramid fiber market is segmented and analyzed as follows:

• By Type
  • Para-Aramid
  • Meta-Aramid
• By End-User
  • Aerospace and Defense
  • Automotive
  • Electronics and Telecommunication
  • Safety and Protection
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Rest of the Middle East and Africa
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Increasing Demand in Lightweight and High-Performance Materials

4.1.2. Expansion of the Automotive Industry

4.2. Market Restraints

4.2.1. High Production Costs

4.2.2. Environmental Concerns

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL ARAMID FIBER MARKET BY TYPE

5.1. Introduction

5.2. Para-Aramid

5.3. Meta-Aramid

6. GLOBAL ARAMID FIBER MARKET BY END-USER

6.1. Introduction

6.2. Aerospace and Defense

6.3. Automotive

6.4. Electronics and Telecommunication

6.5. Safety and Protection

6.6. Others

7. GLOBAL ARAMID FIBER MARKET BY GEOGRAPHY

7.1. Global Overview

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Rest of South America

7.4. Europe

7.4.1. United Kingdom

7.4.2. Germany

7.4.3. France

7.4.4. Italy

7.4.5. Spain

7.4.6. Rest of Europe

7.5. Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. United Arab Emirates

7.5.3. Rest of the Middle East and Africa

7.6. Asia-Pacific

7.6.1. China

7.6.2. India

7.6.3. Japan

7.6.4. South Korea

7.6.5. Taiwan

7.6.6. Thailand

7.6.7. Indonesia

7.6.8. Rest of Asia-Pacific

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. Du Pont de Nemours and Company

9.2. Teijin Ltd.

9.3. Huvis Corp

9.4. Toray Industries, Inc.

9.5. Kolon Industries, Inc.

9.6. Yantai Tayho Advanced Materials Co

9.7. Hyosung Corp

9.8. Aramid Hpm, LLC.

9.9. X-FIPER NEW MATERIAL CO., LTD

9.10. Taekwang Industrial

Du Pont de Nemours and Company

Teijin Ltd.

Huvis Corp

Toray Industries, Inc.

Kolon Industries, Inc.

Yantai Tayho Advanced Materials Co

Hyosung Corp

Aramid Hpm, LLC.

X-FIPER NEW MATERIAL CO., LTD

Taekwang Industrial